Development of old Troy City Hall site to go back out to bid

TROY -- The city will solicit new proposals for the former site of City Hall on Monument Square, Mayor Lou Rosamilia said today.

"Go up and down the Hudson River -- you won't find a better piece of real estate that carries the same potential for construction, development, or commercial opportunities," Rosamilia said. "We have looked at the project since the first day I came into office, and it is hard to overstate the importance of this entire initiative.

The City is expected to release the new RFP in the coming weeks, and will provide a 90-day window for bidders to submit detailed plans for the 2.1-acre waterfront parcel.

In 2010, the city had accepted a bid from The Richman Group, of Connecticut, and the Nigro Companis, of Albany, to redevelop the site under the administration of then Mayor Harry Tutunjian, who ordered the demolition of the old City Hall.

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The plan was to develop the site as a mixed residential and retail development. The retail component included 60 percent subsidized housing and the Rosamilia administration would rather see it as 100 percent market rate.

According to the city, the Richman Group, which specializes in subsidized housing construction and financing, elected to withdraw from the project. As a result, the property was not sold and remains in the city's control.

"There's a much different climate now in Downtown Troy than existed when the original RFP went out in late 2010," Rosamilia said. "There is more development, more activity, and a greater number of business professionals who have recently established themselves in the City of Troy. I'm eager to get the process started and look forward to moving things forward."

The city's decision to issue another Request for Proposals provides the opportunity for greater outreach to interested developers, and to establish revised submission criteria that will alleviate some of the concerns brought to light during the original RFP process.